Group 1 - The company plans to construct a 1000-ton navigation structure at the Longtan Hydropower Station with a total investment of approximately 5.35 billion yuan, of which the company will contribute 2.43 billion yuan and the remaining funds will be raised by Guizhou Province [1] - The construction period is set for 69 months, with an average annual capital expenditure of 190 million yuan, and the project is expected to start by the end of December 2025 and complete water debugging by September 2031 [1] - The company has an average operating cash flow of 5.18 billion yuan and an average investment cash flow of 3.03 billion yuan over the past five years, indicating that the financial impact of the new project will be minimal [1] Group 2 - The commencement of the navigation project will not affect the company's operational decisions and is expected to promote economic development in the southwestern region [2] - The company had previously planned for a 500-ton navigation project when it acquired Longtan Company in 2015, and the new 1000-ton project does not significantly increase the company's financial burden [2] - The construction of the navigation structure is anticipated to improve investment conditions along the river and optimize the transportation system in Guizhou Province [2] Group 3 - In the first three quarters, the company's hydropower generation reached 28.2 billion kWh, a year-on-year increase of 22%, contributing to a 12% growth in net profit attributable to shareholders [3] - The company maintains a dividend policy with a payout of 0.2 yuan per share from 2022 to 2024, with dividend ratios of 49.13%, 128.59%, and 71% respectively, indicating a strong commitment to shareholder returns [3] - The projected net profits for 2025-2027 are estimated at 2.8 billion, 3.0 billion, and 3.2 billion yuan, with corresponding PE ratios of 21, 19, and 18 times, suggesting long-term investment value in the hydropower sector [3]

每经AI快讯，华源证券12月28日发布研报称，给予桂冠电力（600236.SH，最新价：7.3元）"买入"评 级。评级理由主要包括：1）69月建设期，年均权益资本开支1.9亿；2）航道开工不影响公司经营决 策，促进西南地区经济发展；3）前三季度水电电量大增奠定全年业绩基础，看好公司水电长期价值。 风险提示：来水波动，电价不及预期，火电煤价上涨。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——涨疯了！黄金、铂金、白银通通创历史新高，美元大贬值！专家：美联储 独立性遭干预引发危机；前美联储理事：大幅降息重启房地产市场 （记者 王瀚黎） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The construction of the navigation facility at Longtan Hydropower Station has commenced, with minimal expected impact on operations [5] - The company has reported a significant increase in hydropower generation, with a 22% year-on-year growth in electricity output for the first three quarters, contributing to a 12% increase in net profit [7] - The company is expected to maintain a favorable dividend level, with a projected dividend of 0.2 yuan per share from 2022 to 2024 [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 8,091 million yuan - 2024: 9,598 million yuan (growth of 18.63%) - 2025: 9,784 million yuan (growth of 1.93%) - 2026: 10,396 million yuan (growth of 6.26%) - 2027: 11,049 million yuan (growth of 6.28%) [6] - Net profit forecasts are: - 2023: 1,226 million yuan - 2024: 2,283 million yuan (growth of 86.26%) - 2025: 2,793 million yuan (growth of 22.33%) - 2026: 2,994 million yuan (growth of 7.18%) - 2027: 3,159 million yuan (growth of 5.51%) [6] - Earnings per share (EPS) estimates are: - 2023: 0.16 yuan - 2024: 0.29 yuan - 2025: 0.35 yuan - 2026: 0.38 yuan - 2027: 0.40 yuan [6] - The company’s return on equity (ROE) is projected to be: - 2023: 6.70% - 2024: 12.08% - 2025: 14.15% - 2026: 14.51% - 2027: 14.64% [6] Investment Opportunity - The company is expected to have a price-to-earnings (P/E) ratio of 20.60 for 2025, decreasing to 18.22 by 2027, indicating potential for long-term investment value in the hydropower sector [7]

Core Viewpoint - The construction of the 1000-ton navigation facility at the Longtan Hydropower Station marks a significant milestone in connecting Guizhou and Guangxi provinces, facilitating the realization of the "通江达海" (Connecting Rivers to the Sea) dream for local communities [3]. Group 1: Project Overview - The Longtan Hydropower Station's 1000-ton navigation facility is a key project that enhances the Red Water River, an important waterway in the Pearl River system [3]. - The project is part of the national high-grade waterway network and plays a strategic role in the development of the western land-sea new corridor and the national comprehensive transportation network [3]. - The project has received strong support from various government departments and has undergone several feasibility studies and adjustments since 2017 [3]. Group 2: Technical Specifications - The facility will feature a two-level vertical lift ship lock with a total length of 1980 meters and a maximum lift height of 156 meters, making it the highest of its kind in the world [4]. - The design allows for an annual one-way passage capacity of 3.7546 million tons, nearly double that of the previous 500-ton scheme, which will significantly reduce logistics costs and energy consumption [4]. Group 3: Economic Impact - The estimated total investment for the project is 5.346 billion yuan, which is an increase of 2.35 billion yuan compared to the original 500-ton plan [4]. - Upon completion, the project will eliminate the last barrier to navigation on the Red Water River, providing an efficient, green, and economical route for large vessels from Guizhou to the Guangdong-Hong Kong-Macao Greater Bay Area [4]. - This development is expected to bring tangible benefits to local communities along the Red Water River and stimulate regional economic collaboration and industrial optimization [4].

12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚监管部门、行业协会、金融机构、上市 公司、媒体等领域数百位相关领导和重磅嘉宾。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓，桂冠电力荣获"上市公司韧性发展"奖项。 秉持绿色发展理念，桂冠电力积极践行能源安全新战略，全力推进清洁能源布局，持续攻坚重大能源项目建设，不断优化电源结构，巩固区域清洁能源供应 主体的领先地位。同时，公司以改革创新为动力，深入推进改革深化提升行动，重塑组织形态与激励机制，提升治理效能，还聚焦科技创新十大方向，实现 多项科研项目申报突破，以创新驱动增强核心竞争力。 未来，桂冠电力将继续秉持高质量发展理念，深耕清洁能源领域，持续深化改革创新，强化责任担当，在保障能源安全、推进绿色低碳转型的道路上稳步前 行，为资本市场与实体经济协同发展贡献更多力量。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 "金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚。本届评选中，金融界上市公司研究院紧 密契合"十五五"规划建议中 ...

本报讯 （记者刘晓一） 12月26日晚间，广西桂冠电力股份有限公司（以下简称"桂冠电力"）发布公告，其下属全资子公司龙滩 水电开发有限公司拟开工建设1000吨级通航建筑物，原500吨级建设方案正式升级，标志着红水河流域 交通能源枢纽建设迈入新阶段。 桂冠电力方面表示，将严格管控工程建设风险，及时披露进展。此次项目不构成重大资产重组或关联交 易，既彰显了企业社会责任担当，也符合全体股东长远利益，标志着桂冠电力在清洁能源与区域基建协 同发展的道路上迈出了坚实一步。 值得一提的是，作为清洁能源领先企业，桂冠电力近年发展势头强劲。截至2025年上半年，公司在役装 机容量达1417.77万千瓦，其中水电占比超七成，风电、光伏等新能源布局持续扩大。2024年新能源投 产容量创历史新高，达87.97万千瓦。同时，公司坚持稳定分红，2022至2024年每年每股派息0.2元（含 税），近三年平均分红比例82.83%，以扎实业绩回馈股东。 （编辑 张伟） 此次升级具有鲜明的战略价值与现实意义。红水河作为连接西南与珠三角及港澳地区的黄金水道，适配 1000吨级通航标准是船舶大型化、标准化发展的必然选择。工程契合西部陆海新通道建设战 ...

Core Viewpoint - Guangxi Guiguan Electric Power Co., Ltd. plans to construct a 1,000-ton navigation facility to enhance the navigation capacity of the Hongshui River, promoting economic development in the basin [1] Group 1: Project Details - The project is initiated by Longtan Hydropower Development Co., Ltd., a wholly-owned subsidiary of Guangxi Guiguan Electric Power [1] - The navigation facility is crucial infrastructure for the Hongshui River shipping, facilitating the development of the Xijiang shipping route and improving access for Guizhou to the sea [1] - The adjustment of the navigation capacity from 500 tons to 1,000 tons is necessary to accommodate the trend of larger vessels and to leverage the advantages of Xijiang water transport [1] Group 2: Strategic Importance - The project aligns with national strategies for building a resource-saving and environmentally friendly society, supporting sustainable development goals [1] - It aims to promote coordinated economic development in the basin and establish a modern comprehensive transportation system [1] - The initiative is part of efforts to construct a new land-sea passage in Southwest China, enhancing socio-economic development in the upstream areas along the Xijiang River [1]

每经AI快讯，桂冠电力（SH 600236，收盘价：7.3元）12月26日晚间发布公告称，按照国家部署，为提 升广西红水河通航能力，促进流域经济发展，根据国家发改委及广西、贵州发改委等文件批复精神，公 司下属全资子公司龙滩水电开发有限公司近期拟开工建设1000吨级通航建筑物。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 贾运可） 2024年1至12月份，桂冠电力的营业收入构成为：电力占比99.45%，其他业务占比0.55%。 截至发稿，桂冠电力市值为575亿元。 ...

关于下属龙滩水电站通航建筑物建设方案由 500 吨级变更 为 1000 吨级并即将开工的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担个别及连带责任。 股票代码：600236 股票简称：桂冠电力 编号:2025-043 广西桂冠电力股份有限公司 1 / 7 程，原工程项目属性不变。原 500 吨级通航建筑物投资 24.3 亿元及融资费 用由大唐集团负责（发改办能源〔2022〕59 号），项目新增投资由贵州省 负责筹措。2023 年广西、贵州两省区发改委联合批复 1000 吨级工程可行 性研究报告（桂发改交通〔2023〕753 号），建设工期 69 个月，项目估算 总投资为 534,596.89 万元，资金筹措按（发改办能源〔2022〕59 号）要 求执行，各方融资成本各自负责。 二、500 吨级通航建筑物变更为 1000 吨级的必要性 （一）适应珠江水系通航船舶体型规模的发展 按照国家部署，为提升广西红水河通航能力，促进流域经济发展，根 据国家发改委及广西、贵州发改委等文件批复精神，广西桂冠电力股份有 限公司（以下简称公司或桂冠电 ...

Core Viewpoint - The announcement indicates that the subsidiary Longtan Company of Guiguan Electric Power plans to start construction of the Longtan Hydropower Station's 1000-ton navigation structure by the end of December 2025, with a total estimated investment of 5.346 billion yuan, which is an increase of 2.35 billion yuan from the original 500-ton plan [1] Investment Details - The construction period for the Longtan Hydropower Station is projected to be 69 months, with water debugging expected to be completed by September 20, 2031 [1] - The original investment and financing costs of 2.43 billion yuan will be covered by Datang Group, while the additional investment will be raised by Guizhou Province [1] Impact on Company Operations - The adjustment does not constitute a major asset restructuring and is not expected to have a significant adverse impact on the company's production operations, financial status, or cash flow [1] - The project aligns with the long-term interests of all shareholders [1]